He again used the term “Banana Zone,” which he coined in order to describe market phases in cryptocurrency.
In today’s tweet, he stated that “we are still in the Banana Zone.” He tweeted that “Banana Zone Phase 1” was the price breakout last year, which has now turned into a consolidation phase, similar to the one faced by the cryptocurrency market in 2016-2017. This stage will not last much longer, Pal believes, likely talking about Bitcoin and its current price correction.
After phase 1 of the Banana Zone, the cryptocurrency expert expects the market to enter “Banana Zone Phase 2,” which he referred to as “Banana Singularity,” adding that this would be altcoin season. During this period, “everything goes up (followed by a bigger consolidation)”.
The final phase for this, per Raoul Pal, will be “Banana Zone Phase 3,” “when the core winners explode onto make much higher highs (concentration phase).”
Currently, the digital gold is trading at $94,800 after regaining 3.14% in the past 24 hours. That rise was preceded by a massive almost-10% crash as Bitcoin plunged from roughly $102,000 on Tuesday and landed on the $91,900 price mark two days later.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
